BAWAG major shareholder wants to sell shares for hundreds of millions of euros

The largest BAWAG shareholder is throwing shares of almost EUR 300 million on the market and wants to reduce its stake by more than half.

The US hedge fund GoldenTree is offering institutional investors 5.5 million BAWAG shares, the investment bank commissioned with the placement announced on Wednesday evening. The package, which corresponds to almost 6.2 percent in BAWAG, was valued at EUR 298 million at the closing price on Wednesday on the Vienna Stock Exchange.

The price for the paper is likely to be 52.50 euros, the bankers informed the investors. At this price, the shares are often oversubscribed. That would be a discount of around three percent to the closing price on Wednesday.

GoldenTree still holds 11.1 percent of BAWAG. The US asset manager and financial investor Cerberus brought the Austrian bank to the stock exchange in 2017. Since then, GoldenTree has already placed several shares overnight – most recently in September 2021 for EUR 417 million. Cerberus sold all of its shares in 2019.



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